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The Tennessean

Aerial View of West End Summit: Aerial View of West End Summit

- -Text: Alex S. Palmer / Copyright 2006 No Tennessean

Developer Alex Palmer has finally found an equity partner that could help get the twin office towers planned at his proposed West End Summit development out of the ground.

But it’s still unclear how long it might be before work could resume at the prime property near the Broadway-West End Avenue split.

That’s because HCA, the homegrown hospital giant whose Parallon Business Solutions and Sarah Cannon Research Institute business units were headed for the towers as tenants, continues to consider other options.

Palmer has reportedly secured Atlanta-based TPA Group to help finance construction of the towers and parking garage, which are expected to cost $260 million to build. His lengthy efforts to reach a deal with such a partner likely played into HCA’s decision several months ago to consider alternatives. The 35-acre site at Charlotte Avenue and 11th Avenue North, which is being prepared for development by Northwestern Mutual and Boyle Investment Co., is the top candidate.

Palmer declined to comment beyond saying the debt portion of financing for the office towers and garage remains in place with SunTrust as the lead bank. He also said financing for the InterContinental hotel planned at the site remains intact.

Officials of TPA didn’t return calls Wednesday, but the private real estate investment, acquisitions, and development firm is no stranger to such large projects. It developed the 3.8 million-square foot Technology Park/Atlanta, for example.

“They’re definitely capable of doing that deal,” said John B. Tirrill Jr., managing director with SWH Residential Partners, an Atlanta-based multifamily developer known for its own Nashville-area projects, including at Rolling Mill Hill and in Germantown. “They’ve done some huge deals in Georgia, and they’re really tied in with economic development. They’re a first-class group. I think a lot of them.”

When Palmer and HCA announced plans for the $260 million twin towers more than a year ago, Metro committed to economic incentives estimated at $66 million and including jobs grants and property tax abatements. Those incentives were specific to Palmer’s site, but HCA has discussed that commitment with Metro officials.

The hospital chain had said it intends keep the 2,000 jobs that were expected from expansion of the two business units in Davidson County. The other options HCA is said to be considering could include finding a site that would be cheaper to buy and build on or lease space with Palmer’s project.

Getahn Ward covers growth and development for The Tennessean. He can be reached at 615-726-5968 or at gward@tennessean.com. Follow him on Twitter @Getahn.